Ayer IDFA unanimously approves $35,000 facade loan for Devon's Shopping Plaza

AYER -- March 19, 2021, Ayer's IDFA approved a $35,000 facade and signage loan for Devon's Shopping Plaza on West Main Street at its March 19 meeting. The unanimous vote, on a motion by Chairman Fran Callahan and seconded by member Kevin Horgan, will fund a replacement freestanding pedestal sign destroyed in recent windstorms and uniform storefront signage across the plaza. The plaza, purchased in 2018 for $1,150,000 and assessed at $1,105,900, carries an existing Leader Bank loan balance of $698,772, and staff acknowledged the owners are running a monthly deficit of roughly $5,700 to $6,000 due to vacancies. The loan is to be secured by a second mortgage on the property and personal guarantees from both owners. Staff also reported that the liquor license for the Neshoba Club Restaurant has been transferred to the Lenzy Group, owners Rob Julian and Mike Lenzy, with the IDFA's $156,000 outstanding loan on that property expected to be repaid at closing.